Wells Grant
These funds are supported by the Wells College endowment and by gifts and grants it receives from friends of the college. All Wells Grant funds are awarded by the financial aid office based on the information provided on your federal aid application. These funds are for undergraduate, full time students only.

Federal Pell Grant
The Federal Pell Grant program is the largest of the federal student aid programs. It is an entitlement program, which means if you qualify for it; you will receive the funds awarded to you. The amount of a student’s Pell Grant is contingent on the federal government’s educational budget. The Department of Education determines a student’s eligibility for Federal Pell Grant funds based on the information provided on your federal aid application. Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree.

Federal Supplemental Educational Opportunity Grant (SEOG)
Each year, the Department of Education allocates SEOG grants funds to Wells College. Filing the Free Application for Federal Student Aid is the student’s application for these funds. Federal SEOG funds must first be awarded to students of exceptional financial need, therefore Federal Pell Grant recipients have first priority in receiving these funds.

New York State TAP Grant
The Tuition Assistance Program, open to residents of New York State, provides awards to students based on their family’s New York State net taxable income, the Wells College tuition charge and the year the student first received a TAP award. Applicants for TAP must apply annually by completing the Free Application for Federal Student Aid (FAFSA). If a student completes their FAFSA electronically and has a PIN number, they will be able at the end of the federal application complete an electronic TAP application. If the student files electronically without a PIN number or files a paper FAFSA, they will receive an ETA (Electronic TAP Application) from the state processing center that will need to be completed and returned to the state. Beginning in spring 2005, students who filed a FAFSA can access their TAP application online at the state web site: www.tapweb.org. The Wells College New York State TAP code is 1050. The state will process all TAP applications and issue separate award certificates when the state budget has been passed.

LOANS

Federal Perkins Loan
The Federal Perkins Loan Program provides low-interest loans to help financially needy students pay for their educational costs. The funds were initially from the federal government and are disbursed and administered by Wells College. The Perkins Loan program is based on a revolving fund policy, where loan repayments are utilized to make new loans. Therefore, limited funds are available to students from this program. Repayment of principle and interest begins nine months after the time of graduation or when enrollment ceases. The current interest rate is 5%. Deferments and cancellations are available under certain conditions. Students will be asked to undergo an entrance counseling and exit counseling session before entering or leaving the institution. The College will determine who receives these loan funds. Students have up to 10 years to repay their loan, depending on the amount owed. The maximum annually loan for an undergraduate student is $4,000 a year. The average Wells College Perkins Loan is $500 to $1,500. 

Federal Subsidized and Unsubsidized Stafford Loans
Federal stafford loans are low-interest student loans made to students by a lender such as a bank, credit union or savings and loan association, to help pay for educational costs. These loans are the most popular because they are available in the subsidized program (principal and interest is deferred) or the unsubsidized program (interest is payable or capitalized onto the principal while the principal is being deferred). Even if you are deemed ineligible for need-based financial aid, you can receive an unsubsidized stafford loan. The financial aid office will determine eligibility for these programs. The interest rate for these loans is calculated every July for the upcoming school year. Students are required to undergo an entrance and exit counseling session before entering and leaving the institution. Students have between 10 to 25 years to repay, depending on amount owed and type of repayment plan selected. Loan limits for undergraduate students are: 1^st year-$2,625; 2^nd year-$3,500 and 4^th and 5^th year -$5,500. Dependent students who parents do not qualify for a Federal PLUS Loan (Parent Loan for Undergraduate Students) are eligible to borrow additional unsubsidized stafford loan funds. These limits are $4,000 for 1^st and 2^nd year and $5,000 for third and fourth year. Students interested in finding out their monthly payments can go the College Board’s Student Loan Calculator Center at www.collegeboard.org.

STUDENT EMPLOYMENT

Federal Work Study Program & Wells College Student Employment Program
Student employment allows you the ability to earn money needed for educational expenses. The amount awarded in your financial aid package is the maximum amount a student can earn during the academic year. To be paid under the Federal Work Study Program, a student must demonstrate financial need. Any student, regardless of financial aid eligibility can be employed under the Wells College Student Employment Program. Students will have an opportunity to request certain campus jobs, but ultimately the job assignment of every student worker lies with the financial aid office. Wells College will pay at least minimum wage but there are many positions on and off-campus that pay at a higher rate. Wells College standard job award is $1,400 (8 hours/week). Students receive a paycheck in their name for hours worked during the scheduled pay period. Often student employment is used to pay for books and personal expenses.

MERIT SCHOLARSHIPS

21^st Century Leadership Awards
Wells College presents 21^st Century Leadership Awards to high school juniors who demonstrate outstanding leadership ability in high school and community activities. Recipients are nominated by their school college counselor or principal/headmaster and are then recognized by the Admissions Committee. 21^st Century Leadership Awards recipients are awarded a $20,000 scholarship, $5,000 a year for four consecutive years of study at the college.

Henry Wells Scholars
Awarded to first year eligible students. Scholars are selected in recognition of their academic excellence and outstanding scholastic achievement. Named scholars receive a guaranteed first year internship or related experience after which time they receive a guaranteed opportunity to participate in a $3,000 paid internship or related experiential learning program later in their academic experience at the college. Eligible students must be nominated by their high school college counselors or Wells College alumnae to receive consideration for these prestigious awards. This is not a tuition reduction scholarship.

Janet Taylor Reiche Legacy Scholarships
Each year the college awards $10,000 legacy scholarships to the sons/daughters and grandsons/granddaughters of Wells College alumnae. These scholarships valued at $2,500 a year for four consecutive years of study are named in honor of Wells alumna Janet Taylor Reiche ’52 who served as the first woman chair of the Wells Board of Trustees.

Transfer Scholarships
Transfer scholarships are awarded to students who transfer from an accredited college or university. Applicants for these scholarships must have a cumulative GPA of 3.0 or above. Transfer Scholarships are awarded up to $3,000 per year. Phi Theta Kappa Honor Society transfer scholarships are awarded to students who transfer from a two year college and are members in good standing of Phi Theta Kappa and have graduated (or will graduate) with an A.A. or A.S. degree. These scholarships are awarded up to $5,000 per year.

OUTSIDE SCHOLARSHIPS
Many local, regional, and national organizations sponsor scholarship programs for college students. All outside scholarships must be used as a resource toward educational expenses. They will be listed on a student’s aid award statement and you are required to inform the financial aid office of any changes or additions to this listing. Outside scholarships are first applied against what you must pay if there is unmet need in your package, and if 100% need has been met, the college will use these funds to reduce the student loan portion of your award. There are many free scholarship searches on the internet. Listed below are the locations of the most popular ones: 

FastWeb (MUST HAVE LOGO ON YOUR WEB PAGE): http://www.fastweb.com

College Board Scholarship Search: www.collegeboard.org

Scholarship Resource Network Express:
http://www.srnexpress.com/index.cfm

Veteran’s Benefits
Montgomery G.I. Bill Chapter 30
If you entered active duty after 7/1/85, for a two-four year enlistment; no prior service you are eligible for up to 36 months of educational benefits at the rate of $800/month depending on length of enlistment. Checks are sent nine times a year for four years. The Army College Fund may also provide bonuses of $8,000 to $14,000 for service people in critical skill areas. Monthly checks may be over $1,000/month.

Vocational Rehabilitation Chapter 31
Twenty percent or greater service connected disability. Tuition, fees and book charges are paid directly to the college; a monthly living allowance is paid to the veteran.

Veterans Educational Assistance Program Chapter 32
If you entered active duty between 1/1/77 and 6/30/85 and voluntarily participated in a monthly contribution plan; for every dollar contributed, the government contributes two dollars toward the veteran’s education. Veterans can receive benefits for 36 months or for the number of months of his or her participation in the contribution plan, whichever is less. Payment amounts will vary depending on the amount contributed.

New York State Veteran Awards
New York State offers its residents who are veterans financial assistance for college. There are two veteran awards: Persian Gulf Veterans Tuition Awards and Vietnam Veterans Tuition Awards. These awards provide up to $1,000 per semester for full-time students and $500 per semester for part-time students. Further information on these scholarships can be obtained at the New York State Higher Education Services Corporation web site: www.hesc.org.